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Dec 6, 2012
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where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most -- or least harmful and that tends to be cutting government spending. >> but i do think it's -- >> although tim geithner would disagree with me. >> one side wants to keep the government and entitlements like we have it. and the other side wants to take away all the excess government -- >> i think both sides agree that you need to do both. just a question of how much. >> we need to do both to do a deal. i don't think both sides dwre that it's the right thing to do. just to get a deal done. >> i think moderates in both parties -- >> people on the right think we're plenty big. and there
where they are and you shrink government down to where it pays for it. does it matter for the future and for growth which way you do it in your view? >> it does. if you put it all into like a tightening, so how much tightening occurs in the economy that would slow the economy, it's far better to actually reduce government spending than it is to actually raise taxes. >> although that hurts the economy, too. >> everything hurts the economy. so it's a question of which is most --...
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Dec 5, 2012
12/12
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you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see real entitlement reform as well. but you have to deal with the issue on the table. i mean, the spending right now is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, what it added the our entitlement is 12 trillion. just that we did in the
you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see...
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Dec 7, 2012
12/12
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that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i mean, i guess what -- even if hampton is still there, i don't know, they said no sandy effect, but i'm seeing a minus 42,000 on construction and goods producing. how can that not be? >> no. i think that's some of the sandy effect coming through. with katrina what the bls did is they made some adjustments for the fact that they got a lot fewer respondents from the people who were affected by the storm and my guess is this go-around they decided no to the do that for whatever reason, wait for other data to come in. once we get that data coming in, they will revise down. what you're seeing in the construction jo
that government can't count the amount of workers in government is a little bit beyond the pale and maybe -- >> revised it down? >> from minus 13 to minus 51. i don't know what you call it, 38,000 downward revision. and they revised up the private sector in the month of october, so that was good. the other thing it's very hard for me to believe here that there is not a sandy effect in that i see a minus 22 and a minus 20 on construction. mark, would you just chime in on that? i...
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Dec 11, 2012
12/12
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that's -- the problem is the size of government. all of government's intrusion in our lives. all the rules and regulations. if you want to get this economy going, and i think you could get it going, reduce the government -- the federal government's influence on business people's lives, and on american's lives and we could get this economy moving forward. >> we cut the capital gains rate pretty low. i've started five businesses. some successful, some not successful. when they were not successful, government had nothing to do with it. a great idea where you work hard and this country works, why do we talk about the government's intervention? why don't we just talk about how good business can be, with or without the government? >> what has happened the last 30 years is we've gotten this regulatory environment, for example, president obama's own small business administration, the study they commissioned, costs $1.75 trillion per year to comply with. now, that's a number that is larger than all but eight economies in the world. that's the kind of burden we're putting on small busi
that's -- the problem is the size of government. all of government's intrusion in our lives. all the rules and regulations. if you want to get this economy going, and i think you could get it going, reduce the government -- the federal government's influence on business people's lives, and on american's lives and we could get this economy moving forward. >> we cut the capital gains rate pretty low. i've started five businesses. some successful, some not successful. when they were not...
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Dec 12, 2012
12/12
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freedom of speech, ability to petition your government. i always find it a little offensive when the banks say the banks shouldn't be allowed to petition the government. if you ask me what it means for our mortgage business, i can tell you. we'll be fine. i'm not worried about that. we want the united states government, president, congress, to have rational policy. they know what all the pieces are. let them figure out which politically feasible pieces are, jpmorgan will be fine. market credible doesn't mean that banks think it's credible, it means when you all wake up in the morning and they talk about it, that the people who analyze it in the press, say, this is
freedom of speech, ability to petition your government. i always find it a little offensive when the banks say the banks shouldn't be allowed to petition the government. if you ask me what it means for our mortgage business, i can tell you. we'll be fine. i'm not worried about that. we want the united states government, president, congress, to have rational policy. they know what all the pieces are. let them figure out which politically feasible pieces are, jpmorgan will be fine. market...
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Dec 13, 2012
12/12
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i understand ginning up public support, but beaches and campaigns, it's govern, govern, govern, stay in washington, be with these people. govern. getting people to -- i'm getting e-mail every day. i got one from -- i don't know, from his people, joe, call your congressman, call your congressman. and i finally wrote back on one of them. you're still campaigning? would you please start governing? and they sent something back to me, if you have comment on policy, snd it to this meal. but i finally sent it back and said would you please just -- you're in. you're in for four more years. you don't need the cross-section of the united states behind you. as you say, i've got to pen. you won re-election. now govern, now lead. >> but, joe, from the white house point of view, which they feel was indicated by what happened in the election, the purpose of the campaigning is to make republicans govern with them. that's -- >> by their rules. you know, the republicans got re-elected, too, and there's more of them. >> right. well, there's more or them in the house. there is not more of them in the se
i understand ginning up public support, but beaches and campaigns, it's govern, govern, govern, stay in washington, be with these people. govern. getting people to -- i'm getting e-mail every day. i got one from -- i don't know, from his people, joe, call your congressman, call your congressman. and i finally wrote back on one of them. you're still campaigning? would you please start governing? and they sent something back to me, if you have comment on policy, snd it to this meal. but i finally...
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Dec 10, 2012
12/12
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government taking the place of business when business is not spending. but it creates unintended consequences. >> but unintended consequences, they're probably only a year or two out. if you put in changes that were actually permanent changes, instead of having this constant, okay, this is the plan for the next three months. this is the plan for the next six months -- >> the way it's being done is crazy. with this -- we lurch from one crisis to another. it's almost as bad an outcome as a fiscal tightening which i don't want. it's the uncertainty of what we night do. that's damaging confidence and you can see that in the surveys. clarity to be good but with less spending cuts and less tax increases would be better. >> senator, is there a way we get to that point where we're not living quarter to quarter or half a year to half a year? >> i'd be curious to know what is the impact in this quarter on gdp of all the uncertainty associated with the fiscal cliff? i mean what's it costing us? >> we're going to see a pretty grim fourth quarter. some of that is san
government taking the place of business when business is not spending. but it creates unintended consequences. >> but unintended consequences, they're probably only a year or two out. if you put in changes that were actually permanent changes, instead of having this constant, okay, this is the plan for the next three months. this is the plan for the next six months -- >> the way it's being done is crazy. with this -- we lurch from one crisis to another. it's almost as bad an outcome...